It’s a big couple of weeks for U.S. Magnificent Seven giants as they gear up to report earnings in the midst of Trump-driven tariff turmoil.
Top Tech Tanks
Despite a raft of top tech names being present at President Donald Trump’s inauguration on January 20, such as Apple’s (AAPL) Tim Cook and of course Elon Musk of Tesla (TSLA), on hopes that a business-friendly leader would lead to a glorious future, much of those expectations have been dashed.
The Apple stock price is down 14% over the last three months, Alphabet, owner of Google, is off 25%, Microsoft (MSFT) is 16% lower, Meta Platforms (META) has declined 21%, semiconductor giant Nvidia (NVDA) is off 31% and Amazon (AMZN) down 28%. Tesla (TSLA) has also struggled despite Musk’s close relationship with the President falling 47%.
Reportedly, since Trump’s inauguration, the Magnificent Seven’s combined market value has plunged by $3.8 trillion, or 22%, as of April 20.
That’s largely due to concerns over Trump’s tariff strategies and what that means for overseas manufacturing, the export of chips and other technology and the impact it could all have on consumer demand. Other complicating factors have been the emergence of China’s DeepSeek and other lower cost AI competitors and antitrust action both in the U.S. and overseas which has particularly impacted Meta and Google.
Trump’s Mass Confusion
For Tesla, Musk’s role as head of the Department of Government Efficiency has also led to a great deal of reputational and demand damage for the company.
Nvidia has also been bashed with Trump banning it from selling one of its most popular chips to China leading to a $5.5 billion charge.
“The mass confusion created by this constant news flow out of the White House is dizzying for the industry and investors and creating massive uncertainty and chaos for companies trying to plan their supply chain, inventory, and demand,” Wedbush Securities analyst Dan Ives said in a LinkedIn article.
It will be fascinating to hear what the tech bosses, perhaps still with warm memories of the expensive wine and canapes at the inauguration dinner, have to say over the next few weeks. Will they turn sour over Trump?
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